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Grouper Company was formed on December 1, 2016. The following information is available from Groupers inventory records for Product BAP. Units Unit Cost January 1,
Grouper Company was formed on December 1, 2016. The following information is available from Groupers inventory records for Product BAP.
Units | Unit Cost | |||
January 1, 2017 (beginning inventory) | 702 | $ 8.00 | ||
Purchases: | ||||
January 5, 2017 | 1,404 | 9.00 | ||
January 25, 2017 | 1,521 | 10.00 | ||
February 16, 2017 | 936 | 11.00 | ||
March 26, 2017 | 702 | 12.00 |
A physical inventory on March 31, 2017, shows 1,872 units on hand.
1. Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.
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